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America, you just got pwned


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2008 Oct 3, 3:56am   36,305 views  193 comments

by SP   ➕follow (0)   💰tip   ignore  

pawn shop

The House of Representatives approved a $700 billion bailout package for U.S. banksters.

The fundamental problems with the bill remain intact.

  • Paulson gets to decide what dirty toilet paper to buy with taxpayer dollars, and how much to pay. He will be "overseen" by a toothless oversight committee that is stacked with the bankster cronies.
  • The "700 Billion" figure is false - it is still a revolving credit line and Paulson gets to blow as much taxpayer money as he can get away with by running up 700 Billion at a time.
  • The bill still allows foreign banks to unload their craptastic debt on to the US taxpayer at Paulson's discretion.
  • The bill has NO procedural details on exactly how these purchases are valued, or how they will be sold.
  • There is no regulation that ensures that the taxpayer's money has even a chance of being returned, let alone profitably.
  • AND, here is the curdled-cream topping on this shit-sandwich - none of this is going to diddley squat for the economy - it is still going into the shitter, circling the drain. The only difference now is that Paulson and his friends have managed to stick the hook into the taxpayer's neck for all the excessive risk in their speculation.
  • Argentina, feel free to cry.

    SP

    « First        Comments 188 - 193 of 193        Search these comments

    188   SP   2008 Oct 6, 1:40am  

    # The Original Bankster Says:
    they seriously need to stop all foreign work visas.

    Dumbest short-sighted idea I have heard so far from you (and that is saying something :-) ). What you suggest is the fastest way to:
    1. offshore jobs - if you cannot bring workers to the job, send the job to the workers
    2. ensure that the majority new projects are started offshore and no part of it (workers, management, overhead, cubicle-space, facilities) even touches US shores at all.

    You need to have a policy that intelligently connects a company's US market revenues to its US workforce's strength. For instance, something that says that if your company sold [X] million dollars of product within US borders, then [X/12] million dollars needs to be re-invested here on a use-it-or-lose-it basis into a general fund that does something about employee training or improvement.

    Now, that may not be a perfect plan, but it sure beats this "send the furriners home" nonsense.

    189   SP   2008 Oct 6, 1:57am  

    coretexity Says:
    India is screwed anyway. [...] The services based economy cannot survive when most of the jobs are created by bodyshops.

    I think you may be making a mistaken assumption that what _you_ see of Indian companies here is all there is about their economy. I reviewed a case-study on emerging economies (BRIC) a few years ago - and while the analysis was not particularly original or insightful, it made the case that these countries have manufacturing depth and indigenous R&D in a very wide range of industries. Since then, I noticed several recent developments have supported this case. Russia and India in particular also have very broad educational infrastructure - both at elementary level as well as higher education. The internal environment in China and India is so intensely competitive that any survivors that come out of those markets (including job market) are guaranteed to give anyone anywhere in the world a serious run for their money.

    So, while it may make you feel a little better to dismiss these places using some kind of ethnic stereotyping, it would probably be a good idea to shake yourself up and think about what you are going to do - beyond writing to your congressman to complain about outsourcing. I agree that the US needs to do a better job of dis-incentivizing businesses "leaders" to pillage the country - but it is up to individual Americans to step up their game too if you want any kind of sustainable solution.

    190   SP   2008 Oct 6, 1:58am  

    @coretexity, the last paragraph of my previous post was not directed at you personally.

    191   SP   2008 Oct 6, 2:26am  

    The Original Bankster Says:
    yep and the ACM + IEEE don’t help either, they work against american engineers as well.

    ACM = Association for Computing Machinery
    IEEE = Institute of Electrical and Electronics Engineers

    Both of these are international organizations that promote advancement of technology. They are not political organizations or workers unions. Why would you expect them to further the case for American engineers (or Iranian, for that matter)?

    I am not disagreeing with your premise that US tech workers need better representation in their own government - just saying that looking to ACM or IEEE to do this is not the way.

    192   SP   2008 Oct 6, 2:31am  

    Zephyr Says:
    Buy low, sell high. But for everyone who does this there is someone on the other side of the transaction, selling or buying at the worst time.

    Which reminds me, this is a housing blog. Is _anyone_ dumb enough to buy a house in the Bay area these days? I see for-sale signs with fantasy prices still pop up on lawns and go after a few weeks), but can't imaging what kind of mouth-breathing 'tard is wanting to buy now unless it is a deeply discounted REO.

    193   SP   2008 Oct 6, 2:34am  

    The Original Bankster Says:
    SP, Ill take that as a yes.

    If that helps, you're welcome.

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